Asian Markets Show Mixed Trend

(RTTNews) - Asian stock markets are trading mixed on Tuesday, following the mixed cues from Wall Street overnight, with a steep drop in crude oil prices and the surge in the spread of the delta variant of coronavirus and the resultant fresh restrictions in several countries, including China, weighing on investor sentiment. Asian stocks ended mixed on Monday.

However, the recent strong US jobs data raised hopes that the Federal Reserve might hike rates sooner than earlier thought. Investors are also awaiting U.S. inflation data due on Wednesday, and look ahead to speeches from several Federal Reserve officials to assess the outlook for monetary policy.

The Australian stock market is slightly higher on Tuesday, extending the gains in the previous four sessions, with the benchmark S&P/ASX 200 above the 7,500 level near fresh all-time highs, following the mixed cues from Wall Street overnight, as traders digested upbeat domestic earnings results. However, they remain concerned about the spread of the highly contagious coronavirus variants primarily in New South Wales, threatening to weigh on the economy.

NSW has reported 356 new locally acquired cases of COVID-19, Victoria has recorded 20 locally acquired cases and Queensland has reported three on Monday.

The benchmark S&P/ASX 200 Index is gaining 5.80 points or 0.07 percent to 7,544.20, after touching an all-time high of 7,576.30 earlier. The broader All Ordinaries Index is up 9.10 points or 0.12 percent to 7,813.40. Australian stocks closed slightly higher on Monday.
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